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| Tech view: Strength above 16,100 |
| Rex Cano / Mumbai Feb 10, 2010, 08:18 IST |
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The markets yesterday attempted a meaningful pull back on the back of smart gains in IT and cement stocks.
The Sensex after touching a low of 15,863, rebounded into green and touched a high of 16,094. The index finally ended with a gain of 107 points at 16,042. The up move is now three days old, including the special trading session on Saturday. So expect some more nervousness at higher levels.
More importantly, the Sensex needs to sustain above the 16,100 level for further up move. Failure to do so, could see the index drift back to lower levels. The 200-day DMA (Daily Moving Average) for the Sensex is at 15,599. Today, the index
is likely to face resistance around 16,130-16,155-16,185, while support on the downside will be around 15,955-15,925-15,900.
The NSE Nifty moved in the range of 71 points, from a low of 4,739 the index touched a high of 4,810. The index finally settled with a gain of 32 points at 4,793.
The Nifty is likely to face resistance around 4,820-4,830-4,835, while support on the downside could be around 4,765-4,755-4,750.
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